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SeaChange sells Casa Systems stake

Interactive TV and video-on-demand specialist SeaChange International has sold its holding in DOCSIS technology specialist Casa Systems for US$34.1m (€25.9m).

SeaChange, which acquired the stake in Casa for US$8.9m in July 2005, expects to net after-tax proceeds of US$30m from the deal, which will see Casa repurchase its own stock. SeaChange said it had originally invested in Casa, which is a supplier of DOCSIS 3.0 headend gear, “to help accelerate the development of cost-effective, marketable solutions that enable IP streaming over cable…essential for SeaChange to deliver advanced IP-based television software applications”. Since IPTV was now a reality, CEO Bill Styslinger added, “it is the right time for us to sell our shares ofCasa so we can allocate all of our resources to help grow our core business”.